A 457(b) deferred compensation plan is a type of tax-advantaged retirement savings account that certain state and local governments and tax-exempt organizations offer employees. Think: law enforcement officers, civil servants, and university workers. When you open a 457(b), typically you set asi...
One restriction of the non-governmental 457(b) plan is that the account cannot be rolled over into another kind of tax-deferred retirement savings account. It can only be rolled over into another non-governmental 457 employer-sponsored plan. This is much different than a 401(k), in which ...
Independent contractors and others who receive income from sources other than an employer can expect to receive a 1099 instead of a W-2. So, what is a 1099, and how do you use it to file your taxes? Here's everything you need to know about Form 1099, inc
What do you plan to do in your retirement? Tom Brown—an engineer who grew up in rural North Carolina discovered unexpectedly his retirement passion project in 1998 at a farmer’s market. Brown was introduced to several heritage apples—varieties of the fruit which were standardized in the 18th...
Employees can choose to have you withhold money from their paychecks to fund retirement plans and insurance premiums. Each of these requires a separate consent form. Sometimes, you must also withhold deductions for court-ordered garnishments, such as child support and alimony. Is payroll outsourcing...
A Life Insurance Retirement Plan is a financial strategy that combines the benefits of life insurance and retirement savings. It is designed to provide individuals with a tax-efficient way to build up a retirement nest egg while also maintaining a death benefit for their loved ones in the event...
Taxable qualified retirement plan distributions Examples of situations not included in a simple Form 1040 return: Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and local tax deductions ...
Kate StalterFeb. 24, 2025 What Rothification Means for You Proposed legislation may require after-tax retirement contributions, affecting savings strategies. Kate StalterFeb. 24, 2025 Create an Account Create a free account to save articles, sign up for newsletters and more. ...
A 457 plan is atax-advantagedretirement savings plan for many state, local government, and some nonprofit organization employees. The 457(b) is the most common type. Like a401(k) planin the private sector, the 457(b) allows employees tosave pre-tax earnings in an account, reducing their ...
A retirement plan is your preparation for a good life after you’re done working to pay the bills or at least done working a full-time job. But it’s not all about money. The non-financial aspects include lifestyle choices such as how you want to spend your time in retirement and whe...